|Insidetruth.com Initiates American Access Technologies Coverage!|
SAN DIEGO, CA -- (INTERNET WIRE) -- 10/10/2001 -- Insidetruth.com initiates American Access Technologies (NASDAQ: AATK) with a Sell Reccomendation and awards it a price target of 56 cents(equal to the closing price on Sept 21 ,2001).
This Company announced a Contract for 7,000 Biological and Chemical alarms , as if they were the ones who produced these alarms. AATK does not, they do however do a little welding as a subcontractor, in the production of these alarms and last year handled a 6,000 unit contract. This contract was renewed this year for 7,000 units by the company that actually does make these alarms, AATK charges $26.50 each, according to the figures released to Dow Jones News Wire,It should be noted that AATK has lost money on every single unit,it worked on last year. The total value of this contrcat is approximately $ 185,000.00. AATK has no other connection with Biological and or Chemical alarms and or detection.
For the most part Acces Tech (AATK) is a pure welding compnay, they make metal things, for dift applications, however sometimes they powdercoat these metal fabricated products. In the cases of the termination cabinets ,which are in reality metal boxs, they do have the incredible capacity to actually fold these metal cabinets into shape.
Here is a photo of their operation and the facilities used by its 50 employees,most of them being professional welders and packaging specialists.
American Access Technologies currently has $ 217,000 in cash and equivalents according to their most recent SEC filing. We value the company at 1/2 of their cash level based on an SEC reported burn rate of 164,000 every 6 months. Which leaves them with approximately two quarters of cash left,if that.
The company, has no R & D department ,they dont have any scientists on staff,and they certainly have no expertise in Chemical and or Biological Warfare, They are simply a Welding Company. Finally the Compnay spent a total of "nothing" On reserach and developement,according to their most recent filed SEC filings.
And Finally on 9-12-2001 (the day after the WTC tragedy) the insiders ,NOT the company filed to sell 1.66 million shares, with all of the proceeds to go to selling insiders and no cash to the Compnay itself.
A more detailed report will follow.